ARTICLE · 22 SEPTEMBER 2022

Government Amends Liquidation Regulations

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IndiaInsolvency/Bankruptcy/Re-Structuring

Ravi Charan Pentapati

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The Insolvency and Bankruptcy Code, 2016 (‘Code') reconceptualised the framework for insolvency resolution in India. It provides a mechanism for the insolvency resolution of debtors in a time bound manner to enable maximisation of the value of their assets, with a view to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. As a matter of fact, it would take several years for any economic law to settle down and getting complete clarity on the working of the new legislation. The IBBI Board, Adjudicating Authority, the Appellate Authority, and judiciary have been at the forefront of the implementation of the Code and have settled or provided clarity to so many contentious issues for the purpose of streamlining the process for the future. One such recent amendment is Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 which was notified on 16.09.2022 which are primarily aimed to

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Government Amends Liquidation Regulations

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